17 August 2010 Company Announcements Australian Securities Exchange - - PDF document

17 August 2010 Company Announcements Australian Securities Exchange Limited Level 4, 20 Bridge Street Sydney NSW 2000 Australia Dear Sir/Madam RE: Monadelphous 2010 Annual Results Presentation Please find attached a copy of the 2010 Annual Results Presentation to be issued today by Monadelphous Group Limited as part of the company’s full year 2010 results release. A webcast and audio transmission will also be available from our website: www.monadelphous.com.au/Investors-Media.aspx Yours sincerely Philip Trueman Company Secretary

2010 Annual Results Presentation

17 August 2010

Agenda Business Highlights Rob Velletri Financial Highlights Zoran Bebic Divisional Update Rob Velletri Strategy and Outlook

02

Business Highlights

03

Group Highlights

• NPAT up 12% to $83.2m, EPS up 11% to 96.9c, DPS up 12% to 83c
• Sales revenue up 14% to $1,275m
• EBITDA up 11% to $129m, margin steady (10.1%)
• Healthy cash conversion - $96.0m operating cash flow
• Solid organic growth driven by high level of EC activity (up 15%)
• Workforce numbers up 29% to >5,400
• Significant improvement in safety performance -TCIFR improved

25.3% to 6.2

• $650m of new contracts and contract extensions
• Energy market now >30% of total sales revenue
• Substantial progress in development of infrastructure business
• Continued growth in electrical services and multidisciplinary contracts

Financial Operating Strategic

04

2010 Divisional Highlights

Record sales of $890 million, up 15% Awarded $350 million in new construction contracts Expanded multi-disciplinary capability Sales up 7% to $376 million Retained all key customers and contracts Over $300 million in new contracts and extensions

Engineering Construction Maintenance and Industrial Services

05

Key Contract Wins

06

Continued Market Diversification

07

Market Segment

Continued Service Diversification

Service Segment

08

• SMP denotes structural, mechanical and piping works

E&I denotes electrical and instrumentation works

Strong Service Relationships

M&IS Contract Status and Duration

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• 09

People Performance

Highlights:

• Employee numbers in line with high

activity levels

• Labour market conditions expected

to tighten

• Focus on maximising productivity by

attracting and retaining the right people

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10

Safety Scorecard

11

Highlights:

• Significant improvement in safety

performance – TCIFR improved 25%

• Continued investment in HSE

processes, systems and leadership training

• HSE initiatives progressed

following DuPont Review

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12

Financial Highlights

Financial Highlights

Jun 10 Jun 09 % Change Sales Revenue $m 1,275.4 1,122.5 13.6% EBITDA $m 129.4 116.1 11.5% Operating Cash Flow $m 96.0 113.8

• 15.6%

NPAT $m 83.2 74.2 12.1% NPAT Margin % 6.5 6.6

• 1.5%

EPS cps 96.9 87.5 10.7% DPS cps ff 83 74 12.2% Return on Equity % 57.7 60.6

• 4.8%

Capital Expenditure (Cash + HP) $m 39.1 23.7 65.1% Net Cash Position $m 116.6 127.3

• 8.4%

13

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Historical Performance

+14% +11% +12% +11% +12%

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14

NPAT Contribution Analysis

74.2 10.0 (4.2) 3.9 (1.3) (0.5) 1.1 83.2

FY09 NPAT Sales Growth Margin Impact Overheads (Net) D&A Interest (Net) Tax FY10 NPAT

NPAT Contribution ($M)

Sources and Uses of Cash

16

Shares Issued (net) = proceeds from issue of shares – bought back Capex (net) = Capital expenditure (cash) - proceeds from sale of PP&E

! ! ! !

• '

' ' ' '

$M Cash Sources

Disposals (Skystar Divestment) Shares Issues (net) Operating Cash Flow

Cash Uses

Acquisitions and Equity Investments Capex (net) Dividends Cash Retention

Divisional Highlights

17

Divisional Revenue Summary

Jun 10 Jun 09 % Change Engineering Construction $m 890.0 775.0* 14.8% Maintenance and Industrial Services $m 376.2 351.9 6.9% Skystar $m 12.7 10.5 21.0% Internal Eliminations $m

• 3.5
• 14.9

TOTAL $m 1,275.4 1,122.5 13.6%

18

* Comparative adjusted to include MiE revenue

Engineering Construction

• BHPB Worsley Alumina, E&G Expansion Project, WA
• Woodside, Pluto LNG Project, WA
• BHPB, RGP5 – Yandi Hub, WA
• Chevron Australia, Water Treatment Facility, Barrow Island, WA
• Rio Tinto BSL ADS, QLD
• Moreton Bay Council, Burpengary Sewerage Upgrade, QLD
• NSC Nambucca Heads STP, NSW
• Cowra Shire Council, Cowra STP, NSW

Highlights: Major Projects Substantially Completed: Major Projects in Progress:

• Strong performance drives contract growth
• Awarded $350 million in new construction contracts
• Strong multi-disciplinary capability on large scale

construction projects

• Developing heavy lifting capability
• BHPB, RGP6 – Nelson Point Pre-works, WA
• Woodside, Pluto Offshore HUC, WA
• CDCM, Carborough Downs Expansion, QLD
• PCQ, APCT X50 Expansion, QLD
• Rio Tinto, Clermont Mine CHPP, QLD
• Rio Tinto Iron Ore, Cape Lambert Mesa A, WA
• Rio Tinto, Brockman 4, WA
• Eni, Blacktip, NT
• SEQWater, Fluoridation Dosing Systems, QLD

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19

Maintenance & Industrial Services

Highlights:

• Retention of all key customers and contracts
• Awarded $300 million in new contracts and contract

extensions

• Secured first facilities management contract
• Significant progress made on Mackay

workshop facilities

New Contracts: Contract Extensions:

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• Rio Tinto, Coastal Operations, WA (3yrs)
• Rio Tinto, Inland Operations, WA (3yrs)
• BHPB NiW, Maintenance, Projects and Shutdowns

WA (3yrs)

• Chevron, Gorgon Project Facilities Management, WA (3yrs)
• Incitec Pivot Shutdown Alliance (3yrs)
• Xstrata, Bulga Coal Complex – Shutdowns (NSW)
• Rio Tinto, Yarwun Alumina Refinery, QLD
• WA Oil (Chevron), Barrow and Thevenard Islands, WA
• BP Kwinana Refinery, WA (4 yrs)
• Rio Tinto, Boyne Island aluminium smelters, QLD (2 yrs)

20

Strategy Progress

• Maintained strong position in core markets
• Continued market expansion

– energy and infrastructure

• Solid growth in multi-disciplinary services
• Strong operating performance

Markets & Growth

• To maximise growth and returns from our core markets
• f resources and energy
• To build a new business in infrastructure markets

People 2010 Progress

• To attract, develop and retain the right people who are

highly competent, live our values and actively contribute to the long-term, overall success of Monadelphous

• Further development of people processes,

systems and architecture

• Safety Leadership program initiated
• Key staff retention remains high
• Re-focussing on people retention and

recruitment

• Consolidated business services function
• Streamlining management processes and systems
• Contained fixed and overhead costs
• EC/MIE consolidation complete
• Ramping up overseas sourcing – people and supply

Productivity

• To continuously improve our service delivery and support

processes to realise cost efficiency and margin improvement 21

Market Conditions

FY09 Current Resources Energy Infrastructure

Declining Activity Stable/Flat Activity Expanding Activity

22

Outlook

• Entered FY11 with a healthy forward workload
• Current tendering activity encouraging
• Healthy project pipeline across core markets, (LNG, iron ore, coal)
• Revenue flow dependant on project timing
• Industry capacity issues are coming, though timing uncertain
• Further expansion of infrastructure business

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2010 Annual Results Presentation

17 August 2010

Supplementary Disclosures

25

Appendix 1: Profit & Loss

FY10

Chg

FY09 FY08 FY07 FY06

5 YEAR SUMMARY

$m

• n pcp

$m $m $m $m

Sales revenue 1,275.4 13.6% 1,122.5 954.0 963.7 532.0 Other revenue 4.5 (10.0%) 5.0 7.4 1.6 1.5

Total revenue

1,279.9 13.5% 1,127.5 961.4 965.3 533.5 Operating expenses (1,150.5) 13.8% (1,011.4) (856.9) (871.2) (484.5)

EBITDA

129.4 11.5% 116.1 104.5 94.0 49.0 Depreciation & amortisation (16.8) 11.3% (15.1) (12.7) (10.4) (7.5)

EBIT

112.6 11.5% 101.0 91.8 83.6 41.4 Net interest income/(expense) 2.5 (19.4%) 3.1 3.1 3.2 0.7 Income Tax Expense (31.9) 6.7% (29.9) (28.7) (26.4) (12.8)

NPAT (normalised)

83.2 12.1% 74.2 66.2 60.4 29.4 Non-recurring items 0.0 %&' 0.0 3.4 0.0 0.0

NPAT (reported)

83.2 12.1% 74.2 69.6 60.4 29.4 EPS 96.9 10.7% 87.5 79.1* 73.6 36.5 DPS 83.0 12.2% 74.0 72.0 66.0 33.0 EBITDA margin 10.1% (1.9%) 10.3% 11.0%* 9.8% 9.2% NPAT margin 6.5% (1.5%) 6.6% 6.9%* 6.3% 5.5% *Normalised for Skystar Divestment Note: Figures subject to rounding

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Appendix 2: Balance Sheet

FY10

Chg

FY09 FY08 FY07 FY06

5 YEAR SUMMARY

$m

• n pcp

$m $m $m $m

Cash and equivalents 149.2 (2.0%) 152.2 126.4 101.4 61.7 Receivables 121.4 9.8% 110.6 204.9 96.0 81.6 Inventories 23.6 53.2% 15.4 6.6 13.1 16.4 Available-for-sale financial assets 16.9 87.8% 9.0 0.0 0.0 0.0 Property, plant and equipment 91.1 30.0% 70.1 61.9 62.2 47.5 Deferred tax asset 16.0 18.5% 13.5 9.4 11.4 6.6 Goodwill 2.6 0% 2.6 2.6 2.6 2.3 Other 0.0 N/A 0.0 0.2 0.1 0.0 Total assets 420.8 12.7% 373.2 411.9 286.7 216.2 Payables 168.0 (1.4%) 170.3 240.4 115.9 95.4 Borrowings 32.6 30.9% 24.9 24.9 27.5 26.4 Provisions 66.8 38.6% 48.2 32.7 37.8 23.6 Income tax payable 8.9 34.8% 6.6 11.6 15.0 8.7 Other 0.1 (83.3%) 0.6 0.5 0.1 0.0 Total liabilities 276.4 10.3% 250.7 310.1 196.2 154.1 Shareholders' equity 144.3 17.7% 122.6 101.8 90.5 62.1 Net cash position 116.6 (8.4%) 127.3 101.6 73.9 35.3 Shares on issue (EFPOWA) 85.9 1.2% 84.9 83.6 82.1 80.6 Return on equity 57.7% (4.8%) 60.6% 68.3% 66.8% 47.3%

27

Note: Figures subject to rounding

Appendix 3: Cash Flow

FY10

Chg

FY09 FY08 FY07 FY06

5 YEAR SUMMARY

$m

• n pcp

$m $m $m $m

Receipts from customers 1,416.2 11.1% 1,274.6 1,049.2 1,025.9 535.5 Payments to suppliers/employees (1,290.5) 14.5% (1,127.1) (928.5) (907.4) (459.5) Income Tax Paid (32.8) (12.1%) (37.3) (31.5) (26.0) (10.3) Net interest received/(paid) 2.4 (20.0%) 3.0 3.0 3.1 0.8 Other income 0.6 20.0% 0.5 0.3 0.8 0.4

Operating cash flow

96.0 (15.6%) 113.8 92.5 96.3 66.8 Disposal/(purchase) of PPE (15.4) 85.5% (8.3) 3.3 (8.1) (5.9) Other (4.3) 10.3% (3.9) 0.0 (2.9) (0.5)

Investing cash flow

(19.7) N/A (12.2) 3.3 (11.1) (6.4) Issue proceeds from/(buy-back of) shares 1.1 266.7% 0.3 2.7 2.2 0.8 Dividends Paid (67.9) 9.5% (62.0) (61.0) (37.8) (14.5) Drawdown/(repayment) of borrowings (0.5) 150.0% (0.2) 0.6 0.4 (0.1) Payment of Finance Leases (12.5) (5.3%) (13.2) (12.1) (9.9) (7.1)

Financing cash flow

(79.8) (6.3%) (75.1) (69.9) (45.2) (21.0)

Net Incr/(Decr) in Cash

(3.5) (113.2%) 26.6 25.8 40.1 39.5 Net FX difference 0.5 (162.5%) (0.8) (0.8) (0.4) (0.1) Cash & equivalents (beginning of period) 152.2 N/A 126.4 101.4 61.7 22.2

Cash & equivalents (end of period)

149.2 (2.0%) 152.2 126.4 101.4 61.7

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Note: Figures subject to rounding

Appendix 4: Key Engineering Construction Contracts

Customer Project Name State Location Commodity Description

Australia Pacific LNG Ltd Origin Gas Plant - Talinga QLD Chinchilla Oil & Gas Electrical and instrumentation installation works Australia Pacific LNG Ltd Talinga WTP QLD Chinchilla Oil & Gas Electrical and instrumentation installation works associated with the water treatment facility Bechtel Australia Pty Ltd (QLD) Bechtel Alumina Shipping Silo WA Worsley Alumina Supply and fabrication of alumina silo bins BHP Billiton Iron Ore Pty Ltd RGP6 Nelson Point SMW STK5 & STK8 Routes Upgrade WA Port Hedland - Nelson Point Iron Ore Shutdown of stackers 5 and 8 route upgrade BHP Billiton Iron Ore Pty Ltd RGP5 Yandi-SMP OHP2, Stockyard WA Yandi Iron Ore Structural, mechanical and piping works BHP Billiton Olympic Dam Corporation Pty Ltd Olympic Dam Miscellaneous Works SA Olympic Dam Uranium Copper Gold Structural, mechanical and piping works BHP Billiton Worsley Alumina Pty Ltd Worsley Efficiency & Growth Project SMP North WA Collie Alumina Structural, mechanical, piping, electrical and instrumentation works BHP Billiton Worsley Alumina Pty Ltd Marradong Platework WA Worsley Alumina Supply and fabrication of stockpile platework facilities

29

Appendix 4: Key Engineering Construction Contracts cont’d

Customer Project Name State Location Commodity Description

BHP Billiton Worsley Alumina Pty Ltd Worsley MIE E&I WA Collie Alumina Electrical, instrumentation and control works Boyne Smelter Limited Alumina Delivery System QLD Gladstone Alumina Installation of a new Automated Alumina Delivery System and associated infrastructure Carborough Downs Coal Management Pty Ltd Electrical and instrumentation works for Carborough Downs expansion QLD Carborough Downs Coal Electrical and instrumentation works Chevron Australia Pty Ltd Gorgon Project – LNG Plant WA Barrow Island Water Design, Supply, Installation, Commissioning & Maintenance of Reverse Osmosis Water Treatment systems Cowra Shire Council Cowra STP – Cowra Sewerage Scheme Augmentation NSW Cowra Water Civil, mechanical, structural and electrical construction, testing and commissioning of a new sewerage treatment plant ENI Blacktip Oil & Gas Project NT Wadeye Oil & Gas Vertical package construction of the Onshore Gas Plant including the supply, fabrication, pre-assembly, erection and pre- commissioning of the structural, mechanical, piping, electrical and instrumentation works

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Appendix 4: Key Engineering Construction Contracts cont’d

Customer Project Name State Location Commodity Description

Gladstone Area Water Board Gladstone and Yarwun Fluoride Dosing Plants QLD Gladstone and Yarwun Water Design, supply, delivery, installation and commissioning of a sodium silicofluoride dosing system for Gladstone Water Treatment Plant and sodium fluoride dosing plant for the Yarwun Treatment Plant Gladstone Ports Corporation GPC Legacy Project - E&I QLD Gladstone Coal Electrical and instrumentation works associated with upgrade works Hamersley Iron Pty Ltd (Expansion Project) Brockman 4SMP Supply & Installation WA Brockman Iron Ore Structural, mechanical, piping, electrical and instrumentation works MCC Mining (Western Aust) Pty Ball & AG Mill Trunnion Bearing Installation Works WA Cape Preston Iron Ore Mechanical works entailing mill installation MCC Mining (Western Aust) Pty Ball Mill Mechanical Installation and Structural Steelwork Erection Package WA Cape Preston Iron Ore Structural installation Moreton Bay Regional Council Burpengary East Sewerage Treatment Plant Augmentation QLD Brisbane Water Includes civil infrastructure, installation and commissioning of the mechanical and electrical equipment as part of the plant upgrade

31

Nambucca Shire Council Burpengary East Sewerage Treatment Plan Augmentation QLD Brisbane Water Includes civil infrastructure, installation and commissioning of the mechanical and electrical equipment as part of the plant upgrade

• ✁

Lake Cathie/Bonnie Hills Sewerage Treatment Plant Upgrade NSW

Water Civil, mechanical, electrical supply installation for plant for sewerage treatment plant upgrade.

• ✁

Abbot Point Coal Terminal X50 QLD

Coal Structural, mechanical and electrical works for the extension of existing inloading and outloading conveyors, and new stockyard conveyors

• ✁

Abbot Point HV Upgrade QLD

Coal Supply of new substations, power and distribution transformers, switchboards and motor control centres

• ✁

Abbot Point Stockyards QLD

Coal Electrical and instrumentation works for the extension of existing inloading and outloading conveyors, and new stockyard conveyors

SEQ Water Fluoridation Dosing - Parcel 1

Water Design, construction and commissioning of fluoridation dosing systems

Brockman 4 SMP WA

Iron Ore Supply Bins, Chutes, Structural Steel

Clermont CHPP E&I QLD

Coal Electrical and instrumentation works associated with the construction of a Coal Handling Preparation Plant (CHPP) and associated coal handling plant as part of Rio Tinto's Clermont Mine Project

Customer Project Name State Location Commodity Description

Appendix 4: Key Engineering Construction Contracts cont’d

32

• ✄

Construction of CHPP QLD

Coal Civil, structural, mechanical and electrical works for the construction of the new CHPP and associated ancillary works

MESA A WA

–

• ✁

Iron Ore Dust suppression works associated with the Mesa A mine expansion Santos Ltd M-Santos Misc Works NT Mereenie Coal Electrical and instrumentation works associated with small capital works and ongoing maintenance SEQ Water Seqwater Fluoridation Project Stage 2 – Parcel 1 and 2 QLD Various locations throughout South East Qld Water Design, supply, manufacture, installation, construction, commissioning performance testing and defects liability of various fluoride facilities across South East Queensland. Wesfarmers Curragh Pty Ltd Curragh Coal Mine QLD Blackwater Coal Electrical and instrumentation works associated with small capital works and ongoing maintenance Woodside Burrup Pty Ltd Pluto LNG Project Site B ME Offsite & Utilities and AGRU WA Dampier Oil & Gas Structural, mechanical and piping works for the installation, erection and pre-commissioning of the plant Offsite Utilities and Acid Gas Removal Unit (AGRU) Woodside Burrup Pty Ltd Pluto HUC WA Dampier Oil & Gas Hook-up and commissioning of the offshore riser platform topside decks including structural, mechanical, piping, electrical and instrumentation works

Appendix 4: Key Engineering Construction Contracts cont’d

Customer Project Name State Location Commodity Description

33

Appendix 5: Key M&IS Contracts

Customer Project Name State Location Commodity Description

Anglo Coal Coal handling preparation plant maintenance QLD Moura Coal Multi disciplined maintenance, sustaining capital works and shutdown services BHP Billiton (Nickel West) Framework Agreement - Maintenance, Projects and Shutdown Labour WA Kalgoorlie, Kwinana, Leinster, Mount Keith Nickel Major shutdown services, minor capital project work and maintenance services BHP Billiton (Olympic Dam) Olympic Dam Services Contract SA Roxby Downs Copper Uranium Maintenance services, minor capital project work and shutdown support BHP Billiton Mitsubishi Alliance Blackwater Mine - dragline shutdowns QLD Blackwater Coal Major shutdown of two draglines BHP Billiton Mitsubishi Alliance Peak Downs Mine - coal stacker replacement QLD Peak Downs Coal Fabrication and installation of a replacement coal stacker BHP Billiton Worsley Alumina Minor Capital Works WA Collie Alumina Capital project services Boyne Smelters Ltd (Rio Tinto Alcan) Mechanical trade services QLD Gladstone Aluminium Mechanical maintenance and project works BP Kwinana Refinery Turnarounds and Capital Projects WA Kwinana Oil and Gas On site services Bulga Coal (Xstrata) Bulga major dragline shutdown NSW Singleton Coal Planning, management and execution of shutdown Caltex Mackay plant upgrade QLD Mackay Oil and Gas Multi disciplined construction services

34

Appendix 5: Key M&IS Contracts cont’d

Customer Project Name State Location Commodity Description

Chevron Gorgon Project Facilities Management WA Barrow Island Oil and Gas Facilities operations and maintenance management of fixed and mobile assets including utilities, buildings and vehicles Chevron (WA Oil) Barrow and Thevenard Islands General Maintenance Contract WA Barrow and Thevenard Islands Oil and Gas General maintenance services and projects Coal and Allied Hunter Valley maintenance and shutdown services NSW Singleton Coal Maintenance support, dragline and shovel shutdown services ConocoPhillips Darwin LNG maintenance and shutdown services NT Darwin Oil and Gas Multi disciplined maintenance, projects and shutdown services FMG Provision of Services WA Cloudbreak Iron Ore Minor capital projects and shutdown services Geodynamics Geothermal power station installation SA Innamincka Power Multi disciplined project works for the installation of a geothermal power station Incitec Pivot Plant shutdown services QLD Gibson Island Mount Isa Phosphate Hill Chemical Planning, management and execution of shutdowns Oil Search Limited Field construction services PNG Papua New Guinea Oil & Gas Multi disciplined maintenance and construction services Origin Energy Talinga gas plant QLD Chinchilla Oil and Gas Structural, mechanical, piping, electrical and instrumentation installation works

35

Appendix 5: Key M&IS Contracts cont’d

Customer Project Name State Location Commodity Description

Power & Water Local infrastructure maintenance, capital works and shutdown services NT Darwin Oil and Gas, Power and Water Structural, mechanical, piping, electrical and instrumentation projects and shutdown services Queensland Alumina Limited Maintenance and minor capital works QLD Gladstone Alumina Structural, mechanical and piping projects Queensland Nickel Yabulu minor capital works QLD Townsville Nickel Multi disciplined maintenance and construction services Rio Tinto (Pilbara Iron) Tom Price, Cape Lambert, Paraburdoo Operations - Structural Integrity Project WA Tom Price, Cape Lambert, Paraburdoo Iron Ore Structural repair work Rio Tinto (Pilbara Iron) Coastal Operations - Maintenance Services WA Cape Lambert, Dampier Iron Ore Maintenance and shutdown services Rio Tinto (Pilbara Iron) West Pilbara Operations - Maintenance Services WA Brockman, Marandoo, Pannawonica, Tom Price Iron Ore Maintenance and shutdown services Rio Tinto Alcan (Yarwun) Operations services QLD Gladstone Alumina Maintenance, capital works and shutdown services Rio Tinto Coal Australia Maintenance, minor capital works, and shutdown services NSW Mt Thorley Coal Maintenance support, dragline and shovel shutdown services Sandvik Port Waratah Coal Services - reclaimer works NSW Newcastle Coal Erection of three bucket wheel reclaimers and deconstruction of two stackers and two reclaimers Xstrata Various maintenance works QLD Mount Isa Copper Lead Zinc Structural, mechanical and piping projects and shutdown services

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2010 Annual Results Presentation

17 August 2010

www.monadelphous.com.au Information for Investors/Analysts:

Rachael Cutler – Investor Relations Manager Telephone: (61 8) 9315 7429 Fax: (61 8) 9316 1950 Email: rcutler@monadel.com.au

38

Disclaimer and Important Notice

Information, including forecast financial information, in this presentation, should not be considered as a recommendation in relation to holding, purchasing or selling shares, securities or other instruments in Monadelphous Group Limited or any other company. Due care and attention has been used in the preparation of forecast information. However, actual results may vary from forecast and any variation may be materially positive or negative. Forecasts, by their very nature, are subject to uncertainty and contingencies may occur which are

• utside the control of Monadelphous Group Limited. Before making or varying any decision in relation

to holding, purchasing or selling shares, securities or other instruments in Monadelphous Group Limited, investors should consider the appropriateness of that investment in light of their individual investment objectives and financial situation and should seek their own independent professional advice.

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